FIPB will not be dismantled, says Sikander Bakht
The Union government has no plans to dismantle the Foreign Investment Promotion Board (FIBP), Union industry minister Sikander Bakht said on Thursday. He added that the government would continue to use the discretionary powers conferred on the FIPB to clear foreign direct investment proposals on a case-by-case basis.
Public-sector banks work out ways to suppress profits
It has been a problem of plenty for some public-sector banks, thanks to the lower year-end yield-to-maturity (YTM) of government papers. With the Reserve Bank of India (RBI) shooting down the proposal of a "depreciation fluctuation reserve", some state-run banks are devising ways to suppress net profit in 1997-98.
Usha group promoter to dilute stake in arms
Usha group promoter Vinay Rai has decided to dilute stake in group firms Usha India, Malvika Steel and Koshika Telecom to mobilise funds for the group's cellular operations. Through this, flagship Usha India's stakes in Malvika Steel and Koshika Telecom will be transferred to two group investment companies, each of which will then divest in favour of strategic partners, yet to be identified.
ONGC to seek higher price for deep-sea crude
The Oil & Natural Gas Corporation (ONGC) plans to seek a higher price for crude discovered in the deep seas as the current formula of reimbursement may not be attractive to foreign companies. Effective April 1, the cost- plus formula has been removed and crude producers like ONGC will be paid 75% of the weighted average free-on-board (FOB) price of actual imports.
FIs reject Lloyds' reverse-merger report
The financial institutions have rejected the valuation report on the reverse merger proposal of Lloyds Steel with Lloyds Metal. The three institutions, the Industrial Development Bank of India (IDBI), Industrial Credit and Investment Corporation of India (ICICI), and the Industrial Finance Corporation of India (IFCI) have not accepted the 16:10 swap ratio suggested by the Mumbai-based chartered accountant firm AP Chitale & Co.
Industrial growth drops to 4% in February
Industrial growth decelerated to 4% in February from 5.9% a month ago, largely owing to poor manufacturing-sector performance. Cumulative growth over 1997-98's first 11 months was 4.6%, against 4.9% recorded during April-January, 1996-97, according to the Index of Industrial Production's (IIP's) quick estimates.
